MDLN
Medline Inc.Healthcare·Medical - Instruments & Supplies
$36.56
$30.9B market cap
Revenue
$15.1B
Free Cash Flow
$887.0M
Rev Growth
+0.0%
FCF Margin
5.9%
P/FCF
34.9x
EV/FCF
46.5x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Medline Inc. manufactures med-surg products serving the hospital, surgery centers, physician offices, post-acute facilities, and nursing home sites of care in the United States and Internationally. It operates through two segments: Medline Brand and Supply Chain Solutions. The Medline Brand segment procures and manufactures products from three product categories include surgical solutions, front line care, and laboratory and diagnostics. Its front line care offers med-surg products for patient-f
2-Year Price History
$37.01-11.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 7,352 | 676.0 | 422.0 | 129.0 | 412.0 | 316.0 | -96.0 | 2,236 | 12,572 | 825.0 | 8.9% | 5.0x | -- |
| Act | 2025-Q4 | 7,787 | 601.0 | 425.0 | 180.0 | 229.0 | 571.0 | -342.0 | 1,939 | 12,561 | 812.0 | 9.9% | -- | -- |
Valuation & Metrics
Market Stats
Price$36.56
Market Cap$30.9B
Enterprise Value$41.3B
P/S Ratio2.0x
P/FCF34.9x
EV/FCF46.5x
FCF Margin (TTM)5.9%
FCF Yield2.9%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$15.1B
Net Income$309.0M
Free Cash Flow$887.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin8.4%
Net Margin2.0%
FCF Margin5.9%
CapEx % of Revenue2.9%
SBC % of Revenue0.0%
ROIC9.4%
WC Change % Rev-1.4%
Interest Coverage9.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares18.4M
Days to Cover3.7
Change (vs Prior)-1.6%
Need at least 2 settlement dates for chart
Employees
Headcount43,000
Revenue / Employee$352,070
Gross Profit / Employee$83,233
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
80.5%(+9.7% YoY)
299 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.5%(+3.8% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.2% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Carlyle Group L.P. | $8.33B | $42.00 | −$1.26B | +$8.33B | -8.6% | $10.62B |
| H&F Corporate Investors X, Ltd. | $3.85B | $42.00 | −$580M | +$3.85B | — | $3.85B |
| FMR LLC | $1.63B | $42.70 | +$454M | +$1.63B | -0.0% | $1.89T |
| Capital Research Global Investors | $1.03B | $42.90 | +$373M | +$1.03B | +0.4% | $644.55B |
| Invesco Ltd. | $933M | $44.20 | +$820M | +$933M | -0.2% | $652.04B |
| BlackRock, Inc.Passive | $753M | $42.80 | +$241M | +$753M | -0.2% | $5.69T |
| MORGAN STANLEY | $699M | $42.09 | +$24.1M | +$699M | -0.3% | $1.65T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $655M | $44.50 | +$655M | +$655M | — | $4.04T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $630M | $44.50 | +$630M | +$630M | — | $1.91T |
| LONE PINE CAPITAL LLC | $525M | $42.02 | +$3.2M | +$525M | +2.5% | $12.54B |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $518M | $42.29 | +$59.7M | +$518M | -0.5% | $297.48B |
| VIKING GLOBAL INVESTORS LP | $509M | $42.98 | +$199M | +$509M | +1.0% | $35.75B |
| JANUS HENDERSON GROUP PLC | $507M | $42.19 | +$39.5M | +$507M | +1.2% | $209.29B |
| BAILLIE GIFFORD & CO | $444M | $42.00 | −$19.3M | +$444M | -2.0% | $97.89B |
| CANADA PENSION PLAN INVESTMENT BOARD | $416M | $42.00 | −$6.4M | +$416M | +0.6% | $155.02B |
| Durable Capital Partners LP | $323M | $42.13 | +$16.3M | +$323M | +1.6% | $9.71B |
| WCM INVESTMENT MANAGEMENT/CA | $308M | $42.00 | −$4.7M | +$308M | -0.3% | $43.79B |
| Artisan Partners Limited Partnership | $295M | $42.77 | +$90.7M | +$295M | -0.4% | $60.23B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $279M | $43.32 | +$147M | +$279M | +2.3% | $1.61T |
| SurgoCap Partners LP | $270M | $44.50 | +$270M | +$270M | +3.1% | $2.99B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.86%
avg per quarter
Holders (ex-self)
-3.21%
excl. this stock
Buyers (this Q)
+0.19%
259 buyers · $7.43B in
Sellers (this Q)
-1.45%
31 sellers · $1.42B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-3.9%
how holders react when this stock falls
On quiet Qs
-2.2%
−10% to +10% baseline
On rallies (+10%+)
-5.8%
how they react when this stock rises
Holders' portfolio flow this Q
-7.4%
outflows — trims may be forced
Sellers' portfolio flow this Q
-16.1%
Sellers shed AUM broadly — partly forced.
Biggest decreases this quarter
Carlyle Group L.P.−$1.26Bα-8.6H&F Corporate Investors X, Ltd.−$580MT. Rowe Price Investment Management, Inc.exited−$298MSquarepoint Ops LLCexited−$79.8MPRICE T ROWE ASSOCIATES INC /MD/−$76.3Mα-0.2XN LPexited−$63.1MD. E. Shaw & Co., Inc.exited−$37.1MHudson Bay Capital Management LPexited−$23.1MDragoneer Investment Group, LLCexited−$22.1MTUDOR INVESTMENT CORP ET ALexited−$19.5M
New buyers this quarter
Top-5 holders · 55.7%
Carlyle Group L.P.--
H&F Corporate Investors X, Ltd.--
FMR LLC--
Capital Research Global Investors--
Invesco Ltd.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Carlyle Group L.P.187.1MH&F Corporate Investors X, Ltd.86.5MFMR LLC36.6MCapital Research Global Investors23.2MInvesco Ltd.21.0MMORGAN STANLEY15.7MLONE PINE CAPITAL LLC11.8MMASSACHUSETTS FINANCIAL SERVICES CO /MA/11.6MVIKING GLOBAL INVESTORS LP11.4MJANUS HENDERSON GROUP PLC11.5M
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| FERG | Ferguson plc | 5 | 27.16× |
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (5 analysts)$53.604660.0%
Last Year (27 analysts)$48.703320.0%
Current Price$36.56
Analyst Ratings
10
2
Buy: 10Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$3.14B
4 txns · 3 insiders · 93,512,199 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-10 | SELL | BCP 8 Holdings Mozart Manager L.L.C. | 10 percent owner | 27,852,986 | $40.51 | $1.13B | $62K |
| 2026-03-10 | SELL | Carlyle Group Inc. | 10 percent owner | 26,105,840 | $41.00 | $1.07B | $5.23B |
| 2025-12-18 | SELL | Carlyle Group Inc. | 10 percent owner | 19,136,333 | $29.00 | $554.95M | $4.23B |
| 2025-12-18 | SELL | Mozart Aggregator II LP | 10 percent owner | 20,417,040 | $18.71 | $381.91M | $1.35B |
Order Flow (FINRA, ~3w lag)
30.7%retail+1.6pp
29.6%dark+8.8pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.